Business24 Newspaper 10th November 2021 by Business24 Online

WEDNESDAY NOVEMBER 10, 2021

Wednesday November 10, 2021

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Why all the inflation worries?

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First National Bank warns consumers about new online fraud modus operandi

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Trade Min. says job creation demands strong industrial, export capacity

SDG Investor Map identifies US$39m SME investments in Ghana

By Patrick Paintsil p_paintsil@hotmail.com

By Eugene Davis

ugendavis@gmail.com

he most sustainable solution to the age-long problem of unemployment in the country lies in the collective ability to industrialise and expand the nation’s export capacity, Trade and Industry Minister Alan Kyeremanten has said. “Focusing on exports is important because it allows for the expansion of production capacity and to explore other external market opportunities. As a nation, the solution to our problem of job creation is to be

he UNDP Resident Representative in Ghana, Angela Lusigi, has said public and private capital are integral to SDG financing, and has expressed her organisation’s commitment to continue supporting the drive to position Ghana as a preferred destination for investment. According to her, the SDG Investor Map Pipeline Builder tool, an intermediary Cont’d on page 3

Cont’d on page 2

Data quality indispensable for financial services providers—experts

inancial services providers have been urged to pay particular attention to the quality and management of their data—internal and external—as it represents the “bedrock of the financial services sector” and will define the winners and losers of the sector. This was the broad consensus

10 SMEs to benefit from ACET’s Business Transform programme By Eugene Davis ugendavis@gmail.com

en small and medium enterprises (SMEs), ranging from agrobased to manufacturing companies, have been Cont’d on page 17

Cont’d on page 3

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Editorial / News

WEDNESDAY NOVEMBER 10, 2021

Editorial

Boosted export capacity could create ready jobs across the value chain

ne of the most critical challenges facing the country is the creation of jobs. Every year, we have about 300,000 graduates from our tertiary institutions and enter into the job market and this figure keeps compounding each year. This is aside those who come out of second cycle institutions and are unable to proceed to tertiary institutions and may find themselves in other forms of informal activities or vocational endeavours. The cumulative effect of the millions of unemployed youths should tell us, as a country that we need to identify opportunities

to put them into sustainable jobs instead of indirectly preparing them as the ticking time bomb. It is a known fact that the public sector cannot be the answer to this age-long problem, meaning it is the private sector that can provide the opportunities for job creation in the country, as has been witnessed in almost all economies across the world. If we look at the experience of countries that have achieved significant growth, the evidence is clear that they use industrialization and export development as one of the means of creating jobs. This is because industrializing will provide an enhanced

capacity for production, and the more extensive your capacity to produce, the more you’re required to find markets for what is produced. Focusing on exports is important because it allows for the expansion of production capacity and to explore other external market opportunities, and it no other reason that most of the leading export economies globally are also the most heavily industrialised. So, for us as a nation, the solution to our problem of job creation is to be able to industrialise and make conscious efforts at expanding our exports capacity and that time is now.

Trade Min. says job creation demands strong industrial, export capacity Continued from cover

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able to industrialise and make conscious efforts at expanding our export capacity,” he said at the inauguration of a 13-member board of the Ghana Export Promotion Authority (GEPA) in Accra. With over 300,000 people entering the job market every year and the limited space for employment in the public sector, Mr. Kyeramanten said the onus was on the private sector to provide opportunities for job creation, leveraging industrialisation and export development. “If we should look at the cumulative effect of the people that we are turning out of our schools, nobody should tell us that as a country we need to identify opportunities to put them into sustainable jobs. If you industrialise, it means that you’ll produce, and the more extensive your capacity to produce, the more you’re required to find markets for what is produced, and the domestic market alone cannot be the solution,” he added. Mr. Kyeremanten tasked the new GEPA board to work towards the realisation of the set targets in the National Export Development Strategy (NEDS), specifically growing the nation’s

non-traditional exports (NTEs) to US$25.3bn over the next decade. He urged the board to also encourage exports to enable the country take advantage of the many trade agreements it has signed onto, including the GhanaEU Interim Economic Partnership Agreement, which opens up the continent of Europe to Ghana duty-free and quota-free. “All these trade partnership agreements will be of no value to us if we are unable to export to these countries, because we are allowing imports from these countries into ours,” he added. The board chairman of GEPA, Yaw Asuo Banin, on behalf of members, thanked the government for the confidence

reposed in them and pledged to protect and promote the interests of all stakeholders. He appealed for additional GEPA regional offices across the country, enhanced resources, a review of the Exports Act, and an increase in the percentage of funds from Exim Ghana. The members of the board are Mr. Herbert Krapa, Dr. Afua Asabea Asare, Dr. Mrs. Emelia Assiakwa, Mr. Philip AbraduOtoo, Professor Alexander Nii Oto Dodoo, Mr. Attipoe Prudence Tonator, Mr. Bonaventure Adjavor, Madam Hilary Andoh, Mr. Yofi Grant, Mr. Seth TwumAkwaboah, Mr. John Yao Agbeko, and Dr. Edward Nana Yaw OforiKuragu.

News

WEDNESDAY NOVEMBER 10, 2021

Data quality indispensable for financial services providers—experts Continued from cover of a panel of data quality and management experts, who agreed that to remain competitive in an ever-evolving landscape, where consumer preference is changing rapidly and regulation with it, financial institutions must be able to make intelligent decisions on how best to serve their customers. At the heart of intelligent decision-making, they said, is quality data. The experts were sharing their thoughts during a webinar jointly organised by CWG Ghana and Centelon on the theme “Data Quality Management in Banking & Financial Institutions”. According to the Chief Risk and Credit Officer at ARB Apex Bank, Dr. Joseph Asantey, the human factor, particularly at the point of capture of data, represents the biggest source of error in the data chain. This, he noted, is a matter of great concern as “poor data quality leads to errors in decision making, which can be costly.” Explaining, he said, noisy data can make or break an institution, as incorrectly marketed products, based on faulty data, can result in the poor uptake of a product or, at worst, lead to customer attrition. To remedy this, he proposed the application of the

best technological tools possible. “Data will continue to grow and discrepancies will continue to exist, but the solution line depends on the deployment of the appropriate technology to address each of these discrepancies—because as institutions are manned by humans, these challenges will remain. But improved and enhanced digital technology will go a very long way in reducing the discrepancies, [although] not entirely wiping it out but bringing it to a manageable level,” he remarked. Taking the argument further, Prabhash Thakur, who is the Director, Data Science, at Centelon, India, said that whilst technology is pivotal in data quality management, it requires proper controls and integration with other business elements to yield optimal results. “We cannot leave it to technology alone. We

need to make sure businesses start with data profiling, and there are a lot of tools for that,” he said. Whilst there has been the rapid transition to online interactions, some customers, by choice or extreme constraints, interact with their financial services provider via analog means of in-person meetings. Mr. Thakur noted that such customers remain the most vulnerable to having incorrect details, a development that can inadvertently lead to their exclusion from key products and services. “For those customers who interact offline, the data quality problem is higher, the reason being that those customers interact via phone or branch visits, and there is a heightened chance of losing some information during this.” Sarah Oppan, a data professional and consultant,

stressed the need for processes to be put in place to reduce discrepancies in data, from point of capture to storage and analysis. This, she said, is crucial in ensuring that the data is correctly interpreted, especially as it has decision-making implications. “There must be data quality tools in place, and some measures must be agreed upon on how it is to be measured. We concede that we cannot have 100 percent clean data. But a range must be agreed on as to what qualifies as credible data.” Addressing concerns over the reluctance of some higher-ups to sanction spending for data quality management, she said those responsible for data control must ensure that they communicate properly, showing in monetary terms, amongst other variables, the cost and benefit per unit. On his part, Head of Information Technology at FBN Bank, Kwadwo Asare Asante, urged financial institutions to spare no expense in ensuring data are updated frequently, as the change of a small detail such as a telephone number, email address or residential address could have dire ripple effects on service delivery and wider financial inclusion.

SDG Investor Map identifies US$39m SME investments in Ghana Continued from cover that streamlines the investment origination process to drive more capital to SDG-focused SMEs in emerging markets, has successfully identified a base value of US$39m worth of SME investments in Ghana in the six months to September 2021 under its pilot scheme, with the potential for an additional US$15.5m.

Angela Lusigi

The SDG Investor Map is a tool that provides market intelligence for private sector investors, translating countrylevel SDG gaps and priorities into investment opportunities. Speaking at the inaugural SDG Investor Map Breakfast Meeting, Ms. Lusigi said: “You will agree with me that these two sectors in the spotlight today—ICT and health—are at the core of a robust

recovery from the ongoing impact of Covid-19. Building a more inclusive and resilient health sector will position Ghana to build back stronger and to prepare to withstand future shocks.” She added: “We applaud the government’s ambition and drive to infuse digitalisation in all aspects of the economy. This is commendable as Ghana already has the second-highest data penetration rate in sub-Saharan Africa, the fastest-growing mobile money market on the continent, and a flourishing tech start-up scene. ICT is a critical building block for economic recovery from the pandemic and building resilience towards future shocks.” Yofi Grant, CEO of the Ghana Investment Promotion Centre (GIPC), said Ghana and Africa have the chance to re-engineer their future through partnerships, and encouraged private investors to take a deep dive into the plethora of business opportunities that the

SDGs present. “In Africa, the SDGs represent our developmental agenda. The SDG investor map reduces the burden of investors by helping them easily identify viable investment opportunities,” he added. The Country Senior Partner of PwC Ghana, Vish Ashiagbor, said his firm was supporting UNDP globally on research, data analysis, stakeholder and private investor engagement in developing the investor maps. UNDP’s Ghana Economic Advisor, Udo Etukudo, disclosed that at the request of government, the UNDP was supporting the undertaking of “deep dives” in targeted sectors—arts, culture and sports—and localities comprising Jomoro, Ketu South, Sefwi Wiawso, Sagnarigu, KMA, and Kassena Nankana. The outcome of the deep dives will be a second iteration of the SDGs Investor Map for Ghana.

WEDNESDAY NOVEMBER 10, 2021

News

WEDNESDAY NOVEMBER 10, 2021

Urgent action is needed to make agriculture greener and more resilient – FAO

liminating world hunger by the end of the decade requires urgent action and innovative solutions to the way we produce, distribute and consume food, QU Dongyu, the Director-General of the Food and Agriculture Organization (FAO), said in a message to the UN’s Climate Change Conference (COP26).

The number of undernourished people rose to 811 million last year, and the climate crisis is just another major driver of malnutrition and poverty along with conflict and other humanitarian emergencies. The COVID-19 pandemic has extended the list, pushing the achievement of the UN’s Sustainable Development Goals further away.

“If we want to meet our global commitments to end world hunger by 2030, we need to accelerate the transformation to greener, more inclusive, resilient, efficient and sustainable agri-food systems,” Qu said in a video message to participants in Glasgow. Our agri-food systems - the systems by which our food, feed

and fibre are grown, produced and distributed – is responsible for about a third of all greenhouse gas emissions. But they are also extremely vulnerable to climate change, particularly in countries where food security is already low. The degradation of our ecosystem and the loss of biodiversity are also increasing at an alarming rate, providing additional threats to our agrifood systems and the people depending on them. That is why “we need innovation and technology to help us produce more with less,” Qu said in a keynote address to the 12th Sustainable Innovation Forum, a side event at COP26 whose participants included business leaders, experts, and representatives of at-risk countries, such as the Small Island Developing States. FAO’s Director-General said the forum had highlighted the vast, “untapped potential for technological innovation and digitalization” that can help us build green and climate resilient agri-food systems. “We need innovations that span across agri-food systems, from food production to consumption and waste management, as well as policy and financing,” Qu said.

OFAB engages seed producers of genetically modified crops

pen Forum on Agricultural Biodiversity (OFAB) has held a one-day workshop for seed producers in the country as part of ongoing engagements with relevant stakeholders in the agriculture value chain on the domestic production and consumption of genetically modified crops. Participants were updated on progress made in the development of GM crops, with some almost at the point of release, and the extent to which seed growers could take up the technology for the benefit of Ghanaian farmers. They were taken through the advantages and safety issues regarding the technology whilst the concerns of both consumers and seed growers and how the private sector could handle the technology were extensively discussed. “The GM technology is almost

ready so we went through the whole system with NASTAG to let them know how farmers could handle these products if they come out,” Prof. Walter Sandow Alhassan, Senior Advisor for the Program for Biosafety Systems in Ghana and member of the OFAB Programming Committee, told journalists in an interview. Prof. Alhassan admitted that farmers and seed producers have accepted the GM technology and that they are counting on the approval of the National Biosafety Authority to assess the technology and subsequently authorize the release of the crops to farmers. But despite the acceptance, Prof. Alhassan indicated that OFAB does not control that aspect of releasing the technology as the National Biosafety Authority has to evaluate the safety of the technology to both consumers and the environment before they

could authorize its release onto the market. “Currently, the NBA has no board so there’s a stalemate; farmers are anxious to get the thing [GM crops] but CSIR and OFAB cannot move until the board has been put in place to be able to assess the technology and authorize release to farmers if it’s found to be appropriate,” he added. Mr. Yaw Gyau, a participant and

farmer, said the workshop has helped to clear his doubts about the safety and health implications of GM crops and encouraged farmers to embrace the products. “Seed growers will have to spearhead the agenda and communicate well on issues bothering on our business. We have to create the market and now that the doubts have been cleared, we need to buy into the technology,” he added.

WEDNESDAY NOVEMBER 10, 2021

News

WEDNESDAY NOVEMBER 10, 2021

Vodafone wins Telco of the Year and Product of the Year at CIMG Awards

elecommunications giant, Vodafone Ghana, picked up two prestigious awards at the 32nd edition of the Chartered Institute of Marketing Ghana (CIMG) National Marketing Performance Awards held at the Labadi Beach Hotel in Accra. For its sterling performance in Ghana's telecom industry, Vodafone Ghana bagged the enviable title of Telecommunications Company of the Year 2021, and its mobile money service, Vodafone Cash, received the Product of the Year award. The citation reads, "You were assessed per the mission you set for yourself in the year under review, where you resolved to enrich the lives of your customers through the unique power of mobile communications in all

its forms, and you were scored highly by your evaluators.’’ ‘’Your clients endorsed your ingenuity in being a dynamic telecommunications company known for your non-stop, resultorientation that guides them through every stage of their lives, even as you connect them to live

better today and build a better tomorrow. " Vodafone’s penchant for industry-first initiatives has led to innovations like zero money transfer charges on Vodafone Cash, which created a significant shift in financial inclusion. Vodafone Ghana is leading the way

in digital customer experience, an approach that essentially blends digital and human interaction into a personal, instantaneous, and convenient experience for customers. Its customerengaging digital channels include My Vodafone App and TOBi, the artificial intelligence chatbot. These platforms are helping reduce customers’ risk of exposure to the virus during this pandemic. Vodafone has always been passionate about contributing to sustainable social change, focusing strongly on digital empowerment, diversity and gender, and the environment. The telecommunications giant has also contributed significantly to helping address critical social issues in the country such as health and education

Ghana, AfDB sign MoU for 2022 Annual Meetings

hana has signed a Memorandum of Understanding with the African Development Bank (AfDB)towards the hosting of the Group’s 2022 Annual Meetings. The agreement paves the way for the two parties to officially commence the preparations for the event. The MoU defines responsibilities between the Host Country and the bank with the bank providing all documentation required for the meeting and extending invitation to participants. Mr Ken Ofori-Atta, the Minister of Finance, who is the current chair of the bank’s Board of Governors signed the MOU on Ghana’s preparedness to host the event and Professor Vincent O. Nmehielle, AfDB Group’s Secretary-General signed on behalf of the Bank Group. The Bank Group’s Annual Meetings are the most important annual statutory event at which the Boards of Governors of the Bank and the African Development Fund meet and review Bank Group activities over the previous year. Prof. Nmehielle said on November 13, 2020, the Government of Ghana and the AfDB Group signed an MoU for the hosting of the 2021 Annual Meetings but the Covid-19 pandemic couldn’t allow physical Meetings and the conduct of the meetings was changed from

physical to virtual. He said considering this change in format, the Boards of Governors at their sitting of the 56th Annual Meeting of the Bank and the 47th Annual Meeting of the African Development Fund, resolved to extend the current cycle of hosting Annual Meetings to 2022 to enable Ghana to host the 2022 Annual Meetings of the Bank Group. The Secretary-General said it was also recommended that consideration be given for future Annual Meetings of the Bank Group to be organized in a way that was mindful of the evolving context regarding the COVID-19 pandemic. “In this regard, I am pleased to note that consultations on the conduct of the 2022 Annual Meetings in a hybrid format are held between Ghana as the Host and the Bank,” he said. Prof. Nmehielle said following these consultations, an agreement was reached by both parties to incorporate in the MOU all elements required for the conduct of the Annual Meetings in a hybrid format. He said the Group was primarily responsible for the organisation of the Annual Meetings, including providing all documentation required for the meetings and extending invitations to participants. He said on its part, the Host was expected to make available

goods and services needed for the effective organisation of the Annual Meetings to ensure eventual success. He assured the Ministry of the Bank's commitment and availability to work with the Government towards the successful hosting of the 2022 Annual Meetings. He said the Bank would continue to engage with the country team throughout the preparatory process until the end of the Annual Meetings. Mr Ofori-Atta commended the Secretary-General for his support and commitment towards ensuring that the upcoming 2022 Annual Meetings were a success. He said pushing for a new global financial architecture has not been easy, because during the 2021 Meetings, they acknowledged that the charge of saving the continent from widespread poverty must be led by the Bank. The minister said over the past 18 months, “we called on the IMF to on-lend at least USD 100billion of its new $650 billion in special drawing rights (SDRs) to Africa and advocated the establishment of an African Liquidity and Sustainability Facility to protect the continent against external shocks.” He said recent estimates indicate that about 38.7million more Africans could slide into extreme poverty in 2021 (AfDB,

2021) and Africa’s external debt increased by some $37billion, from $665billion in 2019 to an estimated $702 billion in 2020 (World Bank). “103 million jobs (corresponding to an average income loss of 10.7 per cent) have been lost and African countries need at least $4.3trillion, or $175billion a year, to finance infrastructure projects that support economic growth,” he added. Mr Ofori-Atta said the upcoming Annual Meetings were of increased importance in forging ahead to addressing the devastating impact of the climate, health and economic crises brought on by COVID-19. He said it was re-assuring to note that the team on the Mission has been satisfied so far with the general preparedness the MOU signing was yet another demonstration of Ghana’s enduring commitment to the 2022 AGM. The minister said AGM thus affords the opportunity to strategize and advance the cause to recover and build forward better. We look forward to hosting all of you at this seminal event.

News

WEDNESDAY NOVEMBER 10, 2021

First Ghanaian-owned and flagged marine vessel arrives

ullow Ghana has taken delivery of Ghana's firstowned marine vessel, MV Flat Confidence, after a successful Offshore Vessel Inspection Database (OVID) testing on November 5, 2021. As the first Ghanaian-flagged vessel, it is to support the offshore gas industry. A statement issued in Accra by David Jones Amoah, the External Affairs officer of Tullow Ghana, said the MV Flat Confidence was acquired by Flat C Marine Offshore Limited, following a long-term contract granted by Tullow Ghana to the company to enable them to raise funds and procure the vessel. The 71-meter long and 19-meter wide vessel will be operational in the Western Region and will support the work of Tullow Ghana’s two FPSOs – Kwame Nkrumah and John Evans Atta Mills. In 2020, Tullow Ghana embarked on an initiative to develop the local capacity of the oil and gas industry through the adoption of the marine sector with the aim of creating opportunities for indigenous Ghanaian companies. The goal was to own and operate vessels to support the oil and gas industry and build the capacity of Ghanaian personnel in the marine sector.

He said the presence of the Flat Confidence vessel reflected Tullow’s commitment to develop and support capability growth to international standards in the marine sector Mr Wissam Al Monthiry, Managing Director, Tullow Ghana, said, “As a leading oil and gas company in Ghana, we recognise the active leadership role we must play to develop local capacity for participation in the oil and gas industry.” He said that was why last year, they adopted the marine sector to develop local capacity in that

sector to support the oil industry. "We are extremely happy to have achieved this and we appreciate our key stakeholders, joint venture partners, government, Ports and Harbours Authority, the Ministry of Energy and the Petroleum Commission for their efforts in helping us make this possible. Hopefully this is the start of something progressive," he added. The MD said the marine sector adoption initiative aimed at enhancing indigenous participation with 100 per cent Ghanaian-owned and

operationally Ghanaian-flagged offshore vessels. "This is also part of Tullow’s Shared Prosperity agenda which includes optimising local content and developing supplier capacity," he said. He said oil companies in Ghana played a significant role in accelerating the socio-economic development of the country. Over the years, Tullow and its partners have succeeded in empowering and supporting Ghanaian businesses to participate in the oil and gas industry

GRIDCo chronicles achievements over the past 5 years

he Ghana Grid Company Limited (GRIDCo), has disclosed in a statement that since its operationalisation in 2008 and in particular in the past five years, it has systematically implemented various projects to ensure a robust and reliable National Interconnected Transmission System (NITS). According to a press statement issued by the Strategy and Corporate Services of GRIDCo, it revealed that it currently

transmits power from 14 power generation companies including Independent Power Producers (IPPs) to 31 Bulk Customers, including Electricity Company of Ghana (ECG) and Volta Aluminium Company Limited (VALCO). GRIDCo operates 6,472.23 circuit-km of transmission lines made up of 69kV, 161kV, 225kV and 330kV to transmit power from 3 hydro, 6 renewable and 13 thermal plants with total installed capacity of 5,260.50 MW.

With the support of the Government of Ghana and some international and local financiers, GRIDCo has undertaken some key projects to improve power transmission system in the country. The projects are at various stages of implementation. The projects include: 330kV transmission line and substations from Aboadze in the south to Bolgatanga in the northern part of Ghana which interconnects with Burkina, Accra Central, Pokuase

and Kasoa Bulk Supply Points (BSPs), Reconstruction of major transmisision lines between Accra and Tema. Power supply enhancement to Kumasi and its environs and transmission network reinforcement in the western part of the country. The implementation of these and other projects have enhanced the power situation. GRIDCo has also leveraged on its expertise to offer power transmission consultancy services to both domestic and international institutions in the West African sub-region. Consultancy services provided include engineering and project management, operations and maintenance support and capacity building. GRIDCo assures its cherished stakeholders of its sustained efforts at ensuring robust National Interconnected Transmission System (NITS) for reliable and efficient power supply for national and economic development.

News

WEDNESDAY NOVEMBER 10, 2021

VP Bawumia inaugurates new VAG board

he Vice President, Dr Mahamudu Bawumia, has sworn into office, a new governing board for the Veterans Administration of Ghana (VAG), in line with the Veterans Administration, Ghana Act (Act 844). The 13-member Board is led Maj. Gen Clayton Yaachie (Rtd), and includes Brig. Gen Amoah Boakye, Col Emmanuel T Darquah (Rtd), Capt. Ben Edmund Duah (Rtd), Hon Maj Derek Oduro (Rtd), Maj Anim Alex (Rtd), ExWO1 Koranteng Samuel Smart, Ex-WO1 Omane Joseph Evans, Ex-WO1 Dozie Kwesi Gyilley, ExWO1 Daniel Kwateng, Hon Cecilia Amoah, and a representative each from the Ghana Armed Forces and the Ministry of Employment and Social Welfare. Inaugurating the Board at the Jubilee House on Monday, 8th November, 2021 Vice President Bawumia reiterated the commitment of the Commander in Chief of the Ghana Armed Forces, H.E. President Nana Addo Dankwa Akufo-Addo, to the

welfare of the retired soldiers. “I wish to congratulate our veterans and service men and women for their patriotism, love and willingness to serve and sacrifice for our dear nation, Ghana. “They dedicated their lives to the service of this country and also offered important services and aid to other nations in need. Their welfare and well-being are, therefore, a national obligation that we cannot neglect. “The welfare of our veterans, attracts the greatest attention of

this government. The President and Commander-in-Chief of the Ghana Armed Forces, H.E. Nana Addo Dankwa Akufo-Addo, identifies with the interests of our military veterans. He is committed to furthering the cause of veterans and supporting VAG projects and programmes.” Government, he said, is aware of the key issues of great interest to the military veterans, such as encroachment on VAG’s landed properties, pensions, healthrelated issues, and livelihood for those strong enough and eager to

work and support family. “I wish to reiterate His Excellency the President’s commitment to resolving these issues and uplifting the welfare and well-being of our cherished veterans. Furthermore, this government is determined to ensure that VAG is managed in line with best practices that will yield results to the benefit of all military veterans”, he assured. He charged the new Board to resolve the contemporary challenges facing veterans and military widows, and make their tenure of office a memorable one. “It is my prayer that you will move the affairs of VAG beyond the expectations of its members. I have no doubt that you would have provided the required directions and guidance for VAG to improve and increase the welfare of our military veterans by the end of your tenure. “I entreat you to ensure that the needs of our veterans are well taken care of. Let us serve them well as they have served our nation.”

Maritime stakeholders validate NIMS strategy to develop blue economy

ey stakeholders in Ghana’s maritime industry have assembled to validate the implementation plan for the National Integrated Maritime Strategy (NIMS). The meeting gave stakeholders one final opportunity to assess the required mechanisms and effective governance strategies for the maritime domain embedded

in the document ahead of official endorsement. The stakeholders met earlier in July, in a 3-day implementation plan workshop after multidisciplinary inputs were gathered for the draft strategy document. The National Integrated Maritime Strategy is expected to serve as a key tool to strengthen the principles of effective governance

in the maritime domain, address insecurities while engaging in sustainable exploitation to foster wealth creation from ocean or marine resources. The NIMS has technical and financial support from the Kingdom of Denmark and the United Nations Organisation on Drugs and Crime (UNODC). The Director, Legal at the Ministry of National Security and the Coordinator of the Security

Governance Initiative Osei Bonsu Dickson said the NIMS has the capability to serve as a beacon for neighbouring countries to develop their strategies. The Chief Director of the Ministry of National Security Lt. Col. Ababio Serebour (Rtd) expressed government’s unflinching commitment to the NIMS and said developing the blue economy amid safety and security concerns should be paramount. The Director General of the Ghana Maritime Authority, Thomas Alonsi, called on the various actors and stakeholders that participate in Ghana’s maritime space to shun looking at their mandates in isolation of one another but work together towards the ultimate goal of efficiency and sustainability. The Danish Ambassador to Ghana, Tom Norring said the Kingdom is committed to helping Ghana meet its maritime ambitions and revealed that Denmark has sent out a frigate to help combat maritime crime in the Gulf of Guinea. He said, “this Danish frigate is on his way here. It left a week ago from Denmark and should arrive in the waters very close to Ghana within the next few days.”

News

WEDNESDAY NOVEMBER 10, 2021

Absa claims big night at CIMG awards

hen the elite in Ghana’s corporate world met to strut their stuff along the fine halls of Labadi Beach Hotel on Saturday November 6 2021, it was Absa Bank that got the best of the lot in the banking sector category. In what was a night of backslapping and award-giving at the 32nd National Chartered Institute of Marketing (CIMG) National Marketing Awards, Absa took away the most coveted Bank of the Year honor. Banks represent the engine of growth and stimulation for any emerging economy, and in Ghana, Absa plays a crucial role in the sustenance and progress of key business sectors. As a systemically important bank that has supported economic growth for over 100 years, the bank remains solidly anchored in the Ghanaian economy. It plays an enabling role in key sectors of the economy including Oil & Gas, Health, Infrastructure, Telecoms, Agriculture, Manufacturing, Energy, and Education. With 67 service outlets and about 170 ATMs spread across the country, Absa Ghana also provides a wide range of digital banking solutions such as its Mobile Banking App with fingerprint and facial recognition, iATM with Cash Deposit and Cardless transaction

functionality. Before the onset of the pandemic in 2020, the bank underwent an unprecedented transformation that repositioned its business to better serve its customers. Led by its Managing Director, Abena Osei-Poku, the bank was one of the foremost leaders in anticipating and structuring plans to better engage its staff and customers during COVID-19. Innovative products aligned to unique digital platforms and the application of new ways of working for staff, ensured that the Bank ended 2020 as one of the most profitable banks in the country. With several industry-firsts in

product innovation including Absa Emerge for female entrepreneurs, Absa StartUp Banking and the vertical and contactless debit cards, the bank continues to redefine new ways of banking in a world that is increasingly controlled by technology and creativity. Managing Director, Abena Osei-Poku’s relentless outlook, experience and overall knack for spotting new business opportunities continue to serve the bank well. Commenting on the CIMG recognition, she said: “Our gratitude goes to our customers and stakeholders for sticking with us all these years. As a forward-

looking African business with global scale, we are driven by our brand promise and purpose of helping our customers find ways to get things done and bringing possibilities to life. This is backed by a bold growth strategy which prioritizes innovation & digital leadership, strong focus on customers and being an active force for good in society. The CIMG award reflects the hard work we continue to put in to ensure we are the bestin-class and the preferred choice for our current and prospective clients. We continue to lead the way in demonstrating what a bank must stand for in the eyes of its clients, customers, employees and the larger society.” Absa is among the leading banks in Ghana with a significant market share and currently the most profitable in that category. The Bank’s excellence in strategic marketing from insights through to implementation of marketing mix programmes, is also producing outstanding results by enabling the creation of bespoke solutions to client and customers. The CIMG Bank of the Year Award truly demonstrates what is possible when a bank decides to align its mandate to the specific needs, aspirations, expectations and deliverables of its clients, customers and stakeholders.

ITC’s WTPO conference and awards slated for May 17-18, 2022 in Accra

rade and investment promotion organizations around the world will meet in Accra, Ghana, on 17-18 May 2022. The World Trade Promotion Organizations Conference (WTPO) will be jointly hosted by the Ghana Export Promotion Authority (GEPA) and the International Trade Centre (ITC), the joint agency of the United Nations and the World Trade Organization. In a meeting with ITC Executive Director Pamela Coke-Hamilton and GEPA Chief Executive Officer Afua Asabea Asare in Accra on 26 October, President Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, confirmed his presence at the conference. Discussions will focus on solutions for small firms to build resilience against disruptions caused by crises such as climate change and pandemics. Participants will also explore

new opportunities arising from digitalization and the African Continental Free Trade Area. ITC is inviting members of the trade promotion organizations network to apply for the WTPO Awards 2022. At the conference, excellence in assistance for small and medium-sized firms to trade across borders will be recognized in three categories: innovative partnerships, use of technology, and sustainable and inclusive trade. Candidates from national institutions are eligible to apply at wtpo-awards@intracen.org by 3 December 2021. The winners will be announced at the conference on 17 May 2022. The 13th WTPO Conference and Awards will take place at Labadi Beach Hotel, Accra, on 17-18 May 2022. The Ghana Export Promotion Authority, in partnership with ITC, will host the event. Created in 1996, the

ITC’s Executive Director, Pamela Coke-Hamilton

conference takes place every two years. The International Trade Centre is the joint agency of the World Trade Organization and the United Nations. ITC assists micro, small and medium-sized enterprises to become more competitive in global markets, thus contributing to economic development as part of the Sustainable Development Goals.

The Ghana Export Promotion Authority is the national export trade support institution of the Ministry of Trade and Industry. It is responsible for facilitating, developing and promoting Ghanaian exports. The organization’s focus is to diversify Ghana’s export base from traditional gold and unprocessed minerals, cocoa beans, timber logs and lumber.

Feature

WEDNESDAY NOVEMBER 10, 2021

Why all the inflation worries?

By J. Bradford DeLong

n the past three years, technological advances have provided about one percentage point of warranted US real wage growth each year – admittedly, only half the rate of earlier times, but still something. Yet, real wages are currently 4% below their warranted value from adding on the underlying fundamental productivity trend to the pre-pandemic real wage Employment Cost Index (ECI) level. Does that sound like a “highpressure” labor market to you? Those who believe that the US labor market is in some sense “tight” point out that the ECI increased by 3.7% in the year to September – well above its 3% annual growth rate in the pre-pandemic years of former US President Donald Trump’s administration. But, because US consumer prices have increased by 5.4% over the past year, the ECI-basis real wage has fallen by 1.7% in that period. In a highpressure economy with a tight labor market, workers would have enough bargaining power to obtain real wage increases. Nowcasting is extremely difficult, and hazardous. But the “now” that I see today is the one I forecasted two to three quarters ago. Yes, the recovering US economy, like a driver who suddenly accelerates, is leaving inflationary skid marks on the asphalt. But, as I argued in May, these should not concern us, because “burning rubber to rejoin highway traffic is not the same thing as overheating the engine.”

The US is not currently in a situation where too much money is chasing too few goods, which would result in a surfeit of demand for labor and likely trigger an inflationary spiral. This is despite the fact that the ongoing COVID-19 pandemic and its associated disruptions continue to cause a substantial undersupply of labor. Today, the US economy’s overall employment-to-population ratio is three percentage points below what we used to regard as its fullemployment level. The ratios for women, African-Americans, and workers without a college degree are, respectively, five, 4.5, and four percentage points below this level. Yet, economists whom I respect talk as if the economy is in serious inflationary trouble. Jason Furman, a former chairman of President Barack Obama’s Council of Economic Advisers, thinks “the original sin was an oversized American Rescue Plan,” the $1.9 trillion recovery package that President Joe Biden signed into law in March. In Furman’s view, it would have been better to have less aggressive policy measures and thus a slower employment and growth recovery this year, because Biden’s plan “contributed to higher output but also higher prices.” And according to the same New York Times report, former US Treasury Secretary Larry Summers thinks that “inflation now risks spiraling out of control.” The inflation worriers then argue that the COVID-19 crisis has permanently damaged the

supply side of the economy by causing a lot of early retirements, as well as lasting disruption to the lean-and-mean supply chains on which a good deal of productivity and prosperity had depended. Perhaps. But similar arguments in the early 2010s, in the aftermath of the 2008 global financial crisis, aimed to justify policies that did not put the pedal to the metal and attempt rapidly to re-employ socalled “zero-marginal-product” workers. One consequence of this timidity was the election of Trump, whose rise was fueled by the rage of those who thought “elites” cared more about immigrants and minorities than they did about blue-collar workers whose economic opportunities had never recovered to pre-2008 levels. Lastly, some claim that, regardless of whether or not the labor market is tight, inflation – whether driven by supplyside or demand-side factors – is high and salient enough that firms and households will swiftly incorporate it into their expectations. Thus, the inflationary snake has to be scotched now, while it is small, before it grows and devours everything of value. But so far, rising inflation has not been incorporated into any of the “sticky” prices in the economy, according to the measure constructed by the Atlanta Federal Reserve. True, the financial market’s current 30-year breakeven inflation rate, at 2.35%, is more than half a percentage point above where it settled in the second half of the 2010s. But

today’s rate is similar to that in the first half of the decade, and slightly below the level that would be consistent with the US Federal Reserve’s inflation target of 2% per year. The current uptick in US inflation is highly likely to be simply rubber on the road, resulting from the post-pandemic recovery. There is no sign that inflation expectations have become de-anchored. The labor market is still weak enough that workers are unable to demand substantial increases in real wages. Financial markets are blasé about the possibility of rising inflation. And a substantial fiscal contraction is already in train. Given these facts, why would anybody argue that the “original sin” was the “oversized American Rescue Plan,” and that tightening monetary policy starting right now is the proper way to expiate it? I, for one, simply cannot follow their logic. J. Bradford DeLong is Professor of Economics at the University of California, Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

News

WEDNESDAY NOVEMBER 10, 2021

First National Bank warns consumers about new online fraud modus operandi

s Covid-19 continues to drive e-commerce, First National Bank is urging customers to use trusted and secure merchants to avoid being defrauded by online fraudsters. Ellis Atekpe, Chief Operations Officer of First National Bank Ghana, says in recent months, there have reports of a rise in a new fraud schemes targeting unsuspecting online shoppers. “The latest modus operandi includes methods to infiltrate common payment fields and once valid payment information is obtained, it is then sold on the dark web and other underground cybercrime carding sites. Fortunately, our fraud detection measures are robust to prevent many of these attempts. However, consumers need to maintain a high level of awareness as fraudsters regularly evolve their methods,” Mr. Atekpe said. “Ahead of the major sales season across various online shops and vendors for Black Friday and the Cyber Monday commemoration which precedes the end of year festivities, it is important for consumers to familiarise themselves with the new ways that criminals are using to defraud unsuspecting victims,” Mr. Atekpe emphasised. “Through our trusted digital

platforms, we continue to educate our customers against the latest fraud schemes and advise on the use various fraud prevention methods. Customers of First National Bank can temporarily block, cancel or replace their First National Bank cards via the

App if they suspect any fraudulent activity.” The following safety tips for consumers to protect themselves and their card details against fraudsters ahead of the Cyber Security Day commemoration themselves were shared by Mr.

Atekpe: • Do not click on links in emails or 3rd party websites when shopping online, rather type in the website address yourself in the URL. “To help minimise the risk of fraud, consumers must use trusted websites for online shopping,” Ellis Atekpe said • Never disclose personal information such as passwords and PINs to anyone. • The bank will never ask you to process a transaction in order to reverse a fraudulent one. • The bank will never ask you for your OTP or confidential information such as your banking password. • Check your bank statement regularly and thoroughly for any unauthorised transactions/ withdrawals. • Use up to date software to perform regular anti-virus and malware scans on your personal devices. • Never send e-mails that contain your account number, card number and expiry date. • Use a secure connection and avoid public Wi-Fi network. • Only enter card details when finalising the purchase. • Once you are not sure of anything, kindly contact the bank.

Alan Kyerematen inaugurates GEPA board

rade and Industry Minister Mr Alan Kyerematen has inaugurated a 13-member Board for the Ghana Export Promotion Authority (GEPA) with a charge to members to pursue a vigorous export agenda to boost job creation. “For us, the answer to our problem of creating jobs is to be able to industrialize and also export,” he said, adding that a key part of the government’s industrial transformation agenda was the promotion of exports. Mr Kyerematen said the country was focusing on exports to, first of all, address one of the most critical challenges of job creation. “If you look at the cumulative effect of the people turning up after school nobody should tell you that as a country you need to identify the opportunities to put them into sustainable jobs and we all know that the public sector cannot be the answer,” he said.

“This means, it is the private sector that provides the opportunities for job creation in the country,” he said. The Minister said the achievement of countries with significant growth showed that they used industrialization and export development as one of the means of creating jobs. “If you industrialize it means you produce and the more extensive your capacity to produce the more you are required to find a market for what you produce. The domestic market cannot be the solution.” He said the focus on export was important because it would allow the country to expand its productive capacity and then find a market outside the domestic market. It is within this context that the Ministry developed the National Export Development Strategy, which seeks to achieve an export value of $25 billion.

The Ghana National Export Development Strategy (NEDS) envisages that over a duration of 10 years Non-Traditional Exports (NTEs) will grow from $2.8 billion in 2020 to $25.3 billion in 2029. “The inability of the earnings of cocoa to go beyond $2 billion has led to the ineffective sustainability of the economy. That is why this very ambitious target of achieving 25 billion US dollars export value is your first major task as an economy.” He said the attainment of the target required careful planning and execution as the country moved to diversify its resource base and add value because we were not going to export our primary commodities. We have to move from the primary commodities to valueadded manufactured exports and by adding value we will earn more from our exports. It is only through exports that we can improve our foreign exchange

earning capacity. He urged the Board to encourage exports to enable the country to take advantage of the many trade agreements it had signed on to., including the Ghana-EU Interim Economic Partnership Agreement which opens up the continent of Europe to Ghana duty free and quota free. There is the African Growth and Opportunity Act which also opens the US market to Ghana and the Ghana-UK Trade Partnership agreement. “All these trade partnership agreements will be of no value to us if we are unable to export to these countries because we are allowing imports from these countries into ours,” he added. Mr Kyerematen expressed the hope that the combined experience and knowledge of members of the Board would ensure the attainment of the goals.

News

WEDNESDAY NOVEMBER 10, 2021

PENAF boss hails GPHA’s implementation of IMO convention

he Executive Coordinator of the Port Environmental Network – Africa (PENAf ), Dr. Harry Barnes-Dabban has commended the efforts made by the Ghana Ports and Harbours Authority to remain proactive in its approach towards sustainable

port and shipping operations. The Executive Coordinator of PENAf was full of praise particularly for GPHA’s implementation of the MARPOL 73/78 protocol in 2004 even before the Republic of Ghana officially domesticated the

international convention. He said, “this GPHA story has not been highlighted enough. Normally international conventions would have to be domesticated before you take action to implement. The Port Authority at the time did not wait for the country because they identified themselves with the

international situation because IMO is for us all. This doesn’t happen in most cases. It is one of the best practices that should be shared for Port Authorities to know. Most Port Authorities have some level of autonomy to initiate their own action.” The International environmental consultant, who was speaking on the Eye on Port programme, added that the indirect method of charging vessels who call the ports environmental fee is one that is gradually being adopted globally. Dr. Barnes-Dabban indicated that, “even in Europe they are now moving towards this indirect system of payment even though they have existed for these many years. I guess Ghana has taken the lead in some of these things.” He explained that “the Port Authority charges this fee to all vessels, whether you have waste to pay or not. If you compare this practice to some places in Africa and other places, ships only pay for waste that they discharge under a direct fee system. That encourages ships to not discharge properly at ports. This defeats the spirit of MARPOL which wants to prevent shipping pollution.”

Samsung's amazing Black Friday specials are set to excite Ghana in a big way

amsung's latest home appliances, mobile phones, TVs, and sound devices are undoubtedly on the top of many Ghanaians wish-list as we enter the festive gift-giving season. This is why this year's Black Friday specials from Africa's Number

One Electronics brand1 are destined to make many people very happy. There are many reasons why you'll want to be first in line to take full advantage of the Black Friday period from 15 November to 28 November. The excitement will be amplified

even more as Samsung customers discover the fantastic discounts on many popular smartphones, TVs, fridges, washing machines, and more. Bargain hunters can also benefit by being up to date with what Samsung Ghana has on offer

this Black Friday. See promotions deals below at low prices. With amazing deals from one of the Top Five brands in the world2, Samsung Ghana is turning Black Friday into a November to remember.

Brand Africa 100® list - Samsung was acknowledged as number one in the electronics/computer category and third Most Admired Brand in Africa, across all categories. Globally, Samsung is ranked 5th Best Brand in the world' - Global Brands 2020 list announced by Interbrand.

WEDNESDAY NOVEMBER 10, 2021

News

WEDNESDAY NOVEMBER 10, 2021

Ghana to join 200 countries to celebrate 13th Global Entrepreneurship Week

lobal Entrepreneurship Network-Ghana (GENGhana), official host of Global Entrepreneurship Week-Ghana (GEW-Ghana), has announced that Ghana will join over 200 countries to celebrate the 13th Global Entrepreneurship Week (GEW) slated for November 8-14, 2021. Global Entrepreneurship Week is a massive campaign to celebrate and empower entrepreneurs in every country and community around the world – especially those individuals who face structural barriers or may have never considered the idea of launching their own startup. In November each year, about 10 million people take part in tens of thousands of activities, competitions and events focusing on entrepreneurship that inspire them to act and provide them with the knowledge, experience and connections they need to succeed. Over 20, 000 partner organisations are planning more than 40, 000 entrepreneurial activities that directly engage more than 7 million people worldwide. GEW connects entrepreneurs, students, educators, aspiring entrepreneurs, non-profit organisations, development agencies, government officials, etc. to participate in a range of activities which will be conducted by partner organizations to harness the spirit of entrepreneurship culture. “The closing of so many

businesses and loss of jobs brought on by COVID-19 has been a wake-up call. One year later, nations are rallying to reboot our economies for a better, more sustainable and equitable postpandemic world,” Stephen GyasiKwaw, Country Founder/MD, GEN-Ghana. Meanwhile, they also are rethinking approaches to build back stronger and regenerate growth. GEN –Ghana invites government organizations, nonprofit organizations, private sector companies, senior and junior secondary schools, tertiary institutions, media organisations, religious organizations, and entrepreneurship support organisations to get involved in the celebration Global Entrepreneurship Week in Ghana. “As a partner, all you need to do is to organize at least one activity around entrepreneurship or align your upcoming entrepreneurial activity as part of the GEW celebration. It does not cost any fee to become a partner of Global Entrepreneurship Week. Your activity can be big or small, a workshop or seminar, competition, debates, TV and radio discussions on various aspects of entrepreneurship etc. It is only limited by your imagination! Register your event or activity at www.gew.co so your event can be officially part of Global Entrepreneurship Week. As a partner you have the opportunity to be a part of a global movement, connecting millions

Stephen Gyasi-Kwaw, Country Founder, MD GEN-Ghana

of people from all backgrounds with a common agenda –making a difference through the power of entrepreneurship.” Global Entrepreneurship Week is a massive campaign to celebrate and empower entrepreneurs in every country and community around the world – especially those individuals who face structural barriers or may have never considered the idea of launching their own startup. Each November 10 million people take part in tens of thousands of activities, competitions and events that inspire them to act and provide them with the knowledge, experience and connections they need to succeed. Global Entrepreneurship Network – Ghana (GEN-Ghana) is an entrepreneurship and innovation advancement organization that provides and promotes a platform of local,

Movenpick marks 10 years milestone

övenpick Ambassador Hotel Accra has marked 10 years of its contribution to the country’s hospitality industry and the economy in general. Staff and management of the hotel, a leader in the hospitality industry, marked the anniversary in grand style with a corporate soirée and a symbolic cutting of the anniversary cake to climax the celebration. The anniversary, which began some months ago, was on the theme "Doing the Ordinary in Extraordinary Ways – 10 years and beyond". The celebrations have also seen a lot of activities being undertaken, including blood donations in conjunction with the Accra Technical University, Charity Donations at the Shelter

for Abused Children under the Kilo of Kindness Campaign, among others. Speaking at the corporate soirée, the General Manager of the hotel, Deborah Lee-Ann Sivertsen, expressed gratitude to Ghanaians for their warm support and affection in making the dream of Mövenpick Ambassador Hotel Accra a reality. She further acknowledged the immense support and

contributions of the corporate organisations, stakeholders and her team’s passion for making real memories. “Mövenpick Ambassador Hotel Accra strives to demonstrate quality, reliability and care and has achieved many successes since joining Ghana’s hospitality industry. “For the greatest part of last year, we were deprived of sharing these commitments with

international programs and activities aimed at making it easier for anyone to start and scale a sustainable business. We work by fostering deeper cross border collaboration and initiatives between entrepreneurs, investors, researchers, policymakers and entrepreneurial support organizations. We work with government, corporations, NGO’s, development agencies to fuel healthier start and scale ecosystems that create more jobs, wealth, educate individuals, accelerate innovations for sustainable social and economic impact. GEN-Ghana is part of Global Entrepreneurship Network which operates in over 160 countries independently, working to build one entrepreneurial ecosystem around the world.

you but we are grateful for this opportunity to reaffirm our beliefs that welcoming, safeguarding and taking care of guests is at the very heart of what we do and who we are,” she said. On her part, the Board Chair of Mövenpick Ambassador Hotel Accra, Mrs Mawuena Trebah, expressed her delight in the collaboration between the government and the regulators for all the success achieved within the 10 years of operation. "I would like to acknowledge the partnerships with the government and their regulators; they offer policy guidelines and directions to support and broaden the national policy agenda through the hospitality industry. “We want to thank the government and we look forward to more fruitful collaborations to grow the hospitality industry to its exceptional level,” she said.

WEDNESDAY NOVEMBER 10, 2021

News

WEDNESDAY NOVEMBER 10, 2021

Djimon Hounsou and LÁOLÚ to launch premium NFT Collection ‘Time To Heal’, on Binance NFT Marketplace

inance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has today announced that BenineseAmerican Hollywood star and model, Djimon Honsou and famous Nigerian painter, LÁOLÚ will be exhibiting their digital artist series, “Time To Heal”, on the Binance NFT Marketplace. This collaboration is for Binance Charity’s NFT For Good Campaign, which enables creators to convert their art and creativity into meaningful global action targeting social and humanitarian issues. Djimon Hounsou who portrayed Korath the Pursuer in Marvel blockbuster movies, Guardians of the Galaxy and Captain Marvel, will be body painted by LÁOLÚ, the Nigerian artist behind the body art in Beyoncé’s Grammy award-winning Lemonade. This photo will then be projected on a physical canvas and subsequently converted to a digital NFT version. The NFT collection, consisting of five unique portraits, will launch on November 10, 2021 and proceeds will be shared between the artists and the Djimon Hounsou Foundation through the Binance Charity. “I feel this compelling need, this inherent obligation to give back to my continent, to my people,

and to champion the idea of reconciliation and reconnection.” says Djimon. LÁOLÚ added: “There is so much we can do when we come together. Through my work, I’ve always sought to connect the world to my Yoruba roots. With this project, we’re doing that on a large scale by sharing not only our own stories but that of the diaspora within the digital landscape.” On November 9, 2021, Djimon and LÁOLÚ will also join Binance for a live ‘Ask Me Anything’ chat on Binance YouTube, discussing NFTs, their entrance into the crypto and blockchain space and how NFTs can impact African artists. Emmanuel Babalola, Director

at Binance Africa, said: “We are especially excited to host creators of African descent as we see the profound opportunity NFTs and the blockchain bring to the entire continent. As NFTs transform the digital art world, it is important that African creators are provided an even larger platform with optimal solutions to reach a more global audience”. “Nearly 4 times as many people live in modern-day slavery than during the Transatlantic Slave Trade. We know blockchain is a powerful tool that can be used to help tackle complex and horrific social issues - such as this - from tackling corruption to increasing transparency to promoting financial freedom to providing new fundraising streams such

as the recent NFT boom. Crossindustry collaborations such as this one between Djimon, his foundation, Láolú and Binance are essential to help harness this potential and drive forward blockchain for good.” comments Helen Hai, Head of Binance Charity and Binance NFT. Binance NFT is an established brand within the crypto community. In just a little over a month after its debut, Binance NFT became one of the fastestgrowing NFT platforms in the world, generating 25 million BUSD in sales, selling over 300,000 mystery boxes and onboarding 400 creators globally. Today, Binance NFT has sold over 900,000 mystery boxes and earned 103+ million BUSD in sales in total since launch. The Binance NFT Marketplace shares the same account system as Binance.com. Existing Binance users are able to access the NFT marketplace and trade with their current Binance accounts. New users simply have to register on Binance.com to create or trade on the Binance NFT platform. Binance NFT has also added multi-chain support for NFT deposits and withdrawals. Users can now transfer their NFTs to and from Binance Smart Chain and Ethereum networks with ease.

10 SMEs to benefit from ACET’s Business Transform programme Continued from cover enrolled into the African Centre for Economic Transformation’s (ACET) Business Transform (ABT) project aimed at helping early- to growth-stage SMEs move to the next level. The ABT is a flagship project of ACET’s Private Sector Development programme and is in response to the challenges in the local-content SME ecosystem. Speaking at the launch of the project in Accra on Monday, the Executive Vice President at ACET, Mavis Owusu-Gyamfi, said ACET regards the private sector as a critical pivot for economic growth of countries and job creation. “Over the past 10 years, we have done a lot of work helping governments to build the business environment, but we realised it is not enough. There has to be a way SMEs get direct support. So today’s launch is for our new programme ABT, which is about

supporting SMEs to transform so they can grow, build their companies, employ more people, [and] tap into regional and global value chains.” She called for an approach that promotes the development of sustainable export processing zones (SEPs), which aligns with government’s One Region One Park (1R1P) policy, and that also supports the integration of localcontent SMEs into the global supply and value chains of large enterprises. She said a key objective of the ABT is to develop a pipeline of investment-ready SMEs. Based on research and in consultation with its partners, the ACET Private Sector Development unit has developed an Africancentric Investment Readiness Certification Framework which will be piloted with this first cohort of programme participants, she disclosed. A Deputy Minister of Trade and

Industry, Nana Dokua Asiamah Adjei, said “as a government we believe support to the private sector is the foundation for the facilitation of the Ghana Beyond Aid agenda. That is why we seek to initiate actions to accelerate competitive import substitution and export expansion in light manufacturing through sectorspecific support for greater results and financial sustainability.” In addition to the coaching programme, the ABT programme has assembled an eminent group

of high-level business influencers and seasoned captains of industry in Ghana and beyond to act as mentors and patrons to the SMEs throughout their transformation journey. The 10 companies are Big Bond Roofing Systems, Groital, Homefoods Processing and Cannery, Maxtachem, Melach Coconut Processing Farm, Nelplast Eco Ghana, Saliscom, Sky-3 Investments, Skylink Agro Solutions, and Solar Taxi.

WEDNESDAY NOVEMBER 10, 2021

Opinion/Analysis

WEDNESDAY NOVEMBER 10, 2021

Finance must combat climate change – or else

his summer, the Intergovernmental Panel on Climate Change released its latest report, and the scariest part is just how unsurprising its contents were. Avoiding the worst, the report made clear, is still possible, but only if humanity moves to a carbon-neutral economy as quickly as possible. “This report,” said United Nations SecretaryGeneral António Guterres, “must sound a death knell for coal and fossil fuels, before they destroy our planet.” And yet, with the planet on fire, institutional finance is fanning the flames. Many of the world’s most powerful financial actors continue to invest in the fossilfuel industry, even as its actions predictably lead to massive economic disruption, ecological catastrophe, and social injustice. Until now, they have gotten away with it. But a new trend in the law is forcing institutional investors to decarbonize their portfolios – or be held legally accountable. Harvard University is a case in point. For a decade, Harvard’s leaders had ignored calls from students, faculty, and alumni to divest the university’s $53 billion endowment from the fossilfuel industry. But, recognizing scientific and financial reality, in September Harvard finally pledged to divest from companies whose business models, by relying on sustained carbon extraction, are incompatible with a livable future. “Given the need to decarbonize the economy and

our responsibility as fiduciaries to make long-term investment decisions that support our teaching and research mission,” wrote university President Larry Bacow, “we do not believe such investments are prudent” (emphasis added). Prudence, in the statute governing Harvard’s endowment and many other institutional funds, is a fundamental legal concept that establishes the care, skill, and caution with which a fund’s investments must be administered. Prudence guides how a fund must be managed in order to serve its beneficiaries’ interests, and there are significant penalties for violating it. Harvard’s statement acknowledges the impossibility of complying with such a duty while investing in fossil fuels. There are plenty of reasons why this might be the case. For starters, fossil-fuel companies face existential uncertainty. A tide of market shifts, regulations, and litigation poses fundamental risks to the industry’s interests, while many of the carbon assets from which it derives its value will be rendered unburnable and stranded to meet international climate goals. In addition, the idea of seeking to profit from businesses whose dependence on carbon dioxide emissions serves to hasten climate change is repugnant to the notions of public purpose and social duty that responsible investors claim to uphold, and would seem reason enough to seek broad

decarbonization. In other words, the fossil-fuel industry’s business model is now so misaligned with scientific and financial reality that betting on these companies (or, more broadly, on the sort of businesses that materially depend on CO2 emissions) is not just misguided. It is negligently wrong as a matter of law. Moreover, the concept of prudence applies in similar form to any investor subject to the fiduciary standard, thus binding essentially every academic endowment, charitable fund, and public and private pension fund. That means trillions of dollars stand to be affected by Harvard’s recent divestment precedent. In fact, Harvard’s decision is already having ripple effects. In the weeks since the announcement, a number of other influential investors – ranging from the endowments of Boston University, the University of Minnesota, and the MacArthur Foundation to the ABP public pension fund in the Netherlands (Europe’s largest) – have likewise acted to align their money with the demands of prudence and climate action. In doing so, they join investors worth over $39 trillion – many of whom, evidence from markets suggests, are already reaping financial gains from shedding fossil-fuel stocks. By basing Harvard’s decision on prudence, Bacow may well have intended to generate the sweeping impact that the

university’s divestment from fossil fuels predictably will achieve. Or perhaps it was a timely defensive move. When Bacow announced the decision, the Massachusetts attorney general was weighing whether to act on a legal complaint filed by students and other members of the Harvard community, along with the nonprofit Climate Defense Project, asserting that the university’s fossil-fuel investments represented a breach of its charitable obligations. Whatever the reason, Harvard has given voice to a doctrine that, befitting the urgency of the climate crisis, should spread swiftly around the world and hasten similar decarbonization decisions by fiduciaries everywhere. It took a decade of struggle to get Harvard to this point. But now that it is finally taking steps toward living up to its global reputation as a leader, other institutional investors must take notice. In an age of climate crisis, these actors’ mandate is to stand with the future, or else risk ending up not just on the wrong side of history, but also on the wrong side of the law. Authors: Bevis Longstreth, a former member of the US Securities and Exchange Commission (1981-84), is a former partner at Debevoise & Plimpton and taught financial law at Columbia Law School. Connor Chung is a member of the Fossil Fuel Divest Harvard campaign.

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NO. B24 / 272 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

WEDNESDAY NOVEMBER 10, 2021

The Makers Electronics wins ‘Promising Company of the year’ at 2021 Business Awards

he Makers Electronics Company has won the Promising Company of the year award at the 2021 Ghana Business Awards held at the Kempinski Gold Coast Hotel in Accra. The Makers Electronics deals in the sale of electronics and home appliances and offers services to Ghanaians from all walks of life The company, which is about a year old, beat competition from four other companies in that category. In barely a year of its operations, The Makers Electronics has five branches: three in the Greater Accra Region, and one each in Kumasi and Takoradi respectively. Chief Executive Officer of the company, Stephen Essoun, told the press that although the company started amidst the COVID-19 pandemic, it braved the odds to stay afloat. “I give thanks to God for such wonderful recognition. Gaining such recognition from this prestigious organisation feels like Heaven on Earth. Sincerely, we started operating at a time Covid had taken over the activities of the world. My wife, Akua Saah Essoun, and I did not give up. We decided to grow the company irrespective of the world challenge and under a space of one year, we have been able to solve the home appliances and consumer electronics needs of the good people of Ghana as well as reducing the unemployment

Akua Saah Essoun, COO and Deputy CEO at the Makers Electronics Company

rate in the country.” Mr. Essoun said the company is committed to expanding its branch network whiles offering competitive prices and discounts to customers. “I see this award as a challenge to do more by opening more branches to continue to reduce unemployment, as well as helping solve the home appliances and consumer electronics needs of the good people of Ghana. Currently operating in Accra, Kumasi, and Takoradi, we hope to extend our branches to every corner of the country. It is our fervent hope that Ghanaians will continue to patronize our wide range of products, with undoubtedly the highest discount ever (up to 67%).

We decided to give this discount because we want to make our products easily affordable by all. I want to use this medium to inform Ghanaians about our Black Friday promotion starting November 26 to 5th December 2021. All our products will be sold at factory prices.” The awards, which was organised by Globe Productions in partnership with the Institute of Directors (IoD), Nobel International Business School (NiBS), Ipag Business School, Swiss Business School, and the Lincoln University with support from the Graphic Communications Group Limited and Media General, sought to promote business excellence nationally and internationally, as

Meet AFRIMA’s youngest ever nominee, 13-year-old Shanah Manjeru

hanah Manjeru, an artiste from Nairobi, Kenya is the youngest ever nominee of All Africa Music Awards (AFRIMA). The 13-year-old singer was nominated for her song, ‘God Will Make a Way’. She takes over the spot previously held by another Kenyan singer, Nikita Kering at 17 in 2019. She is contesting in the ‘Best Female Artiste in African Inspirational Music’ category with Ada Ehi Ft Buchi (Nigeria), Afrie (Uganda), Eden (Cote d’Ivoire), Kamo Mphela (South Africa), Montess (Cameroon), Nata (Sierra Leone), Ruth Asong (Cameroon), Diana Hamilton

(Ghana) and Kelly Khumalo (South Africa). Shanah’s singing talent became evident at the age of three. At age seven, she began to sing officially when her parents put up her first music concert in Ethiopia. In October 2017, at nine years old, Shanah went into professional singing with the release of her debut song, ‘Destiny’. In February 2018, she released her second song, ‘We Are One’ followed closely in April 2018 with ‘Winner’ and ‘God Will Listen’ in December 2018. In April 2019, Shanah released ‘Worship’ and ‘Worship Symphony’. Her latest songs are

the nominated ‘God Will Make a Way’ and ‘Jesus Loves You’ released in August and November 2020 respectively. The singer won the ‘Arts and Culture Award’ category in the Annual African Children of The Year Awards 2019, held in South Africa and was subsequently nominated as an Ambassador of the Stacey Fru Foundation, South Africa. Shanah’s ‘Winner’ won the ‘Song of the Year Award’ during Kenya Gospel Music Award 2018. She has performed at several events, including school events, churches, concerts, children’s festivals, birthday parties, at weddings and funerals, on TV gospel shows, and during

well as provide an unparalleled opportunity for networking among industry players. The 4th Ghana Business Awards recognized and rewarded excellence across all sectors of industry in Ghana, and provided the platform for individuals and companies that played significant roles in the growth and development of the business sector. It also promoted open dialogue between relevant stakeholders in public and private sectors on adopting the right strategies to stimulate post-Covid-19 economic recovery and ensure a future of hope and shared prosperity for all Ghanaians. Themed ‘The Digital Economy, Making More Winners’, with a team of technical expertise (Awarding Board) and independent consultants, the award categories were modeled to recognise important commercial and industrial players that contribute significantly to the economy. Latif Abubakar, the Chief Executive Officer (CEO) of the organisers of the awards, Globe Productions, said the awards are a benchmark of excellence. He explained that the benchmarks for shortlisted nominees’ performance were based on key performance indicators (KPIs) in the standards of excellence, including information technology and competitive pricing.

numerous TV and radio interviews. Shanah, who is the last child of her parents plans to become either a doctor, a singer, a dancer, a gymnast, or a teacher. AFRIMA 2021 holds at Eko Hotel and Suites, Lagos, Nigeria from Friday, November 19 - Sunday, November 21, 2021. Preceding the award ceremony is the African Music Business Summit (AMBS), a platform for business networking and interaction among music professionals which will take place on Friday, November 19, 2021at 8.30am. AFRIMA Music Fest, an evening of non-stop music concerts with live performances from African music superstars will take place on the same day of November 19 from 6.00pm.